Explanatory Note on Unregistered Credit Ratings
Explanatory Note on Unregistered Credit Rating (For S&P Global Ratings)
From the viewpoint of ensuring fairness and transparency in the markets, Financial
Instruments and Exchange Law has introduced the registration system for credit rating
agencies. In accordance with this regulation, financial instruments business operators, etc arerequired to inform customers of the fact that the rating is not registered and the rationale forthe registration system, etc. whenever marketing any financial products which are rated byunregistered credit rating agencies.
Rationale for the Registration System
Registered credit rating agencies are subject to the following regulations: (1) the duty of goodfaith; (2) the duty to maintain an operational management system which prevents conflicts ofinterest and ensures the fairness of the credit rating process, etc.; (3) the prohibition on givinga credit rating to a security which they hold; and (4) the duty to disclose information including
to prepare and make available for public inspection the policies for credit ratings and thedocuments for public release and explanation. Registered credit rating agencies are also
subject to supervision by the Financial Services Agency, including orders to submit
information, onsite inspections and business improvement orders. However, unregisteredcredit rating agencies are not subject to such regulation or supervision.
Name of the Credit Rating Agency Group, etc.
Name of the Credit Rating Agency Group:
S&P Global Ratings (“S&P”)
Name of the Registered Credit Rating Agency within the Group and its Registration Number:
S&P Global Ratings Japan Inc. (FSA Commissioner (Rating) No. 5)
S&P Global SF Japan Inc. (FSA Commissioner (Rating) No. 8)
Method of Obtaining the Information about the Summaries of the Policies and Criteria forCredit Rating
The information is published in the “Unregistered Rating Information” (「無登録格付け情報 」 http://www.standardandpoors.co.jp) which can be found in the menu under“Library/Regulation Related” (「ライブラリ･規制関連」) on the website of S&P GlobalRatings ( http://www.standardandpoors.co.jp/unregistered).
Assumptions, Significance and Limitations of the Rating

Credit ratings assigned by S&P Global Ratings are statements of opinion on the future credit
quality of specific issuers or issues as of the date they are expressed and do not indicate theprobability of default or guarantee the credit of the specific issuers or issues. Credit ratings
are not a recommendation to purchase, sell or hold any securities, or a statement of market
liquidity or prices in the secondary market of any issues.
Credit ratings may change depending on various factors, including issuers' performance,changes in external environment, performance of underlying assets, creditworthiness ofcounterparties and others. S&P Global Ratings conducts rating analysis based on information
it believes to be reliable and provides ratings only when it believes to have enough informationin terms of quality and quantity to support its opinion. However, S&P Global Ratings does
not perform an audit, due diligence or independent verification of any information it receives
from issuers or other third parties, nor guarantees accuracy, completeness or timeliness of theinformation received or the results caused by use of such information. It should be noted that,depending on the credit ratings, there may be inherent risks associated with the limitation on
available historical data.
This information is prepared as of 1 November 2022 based on sources which we believe arereliable, but we do not guarantee its accuracy or completeness. For details, please refer to theabove mentioned website of S&P Global Ratings.
Explanatory Note on Unregistered Credit Rating (For Moody’s Ratings)
From the viewpoint of ensuring fairness and transparency in the markets, FinancialInstruments and Exchange Law has introduced the registration system for credit rating
agencies. In accordance with this regulation, financial instruments business operators, etc. arerequired to inform customers of the fact that the rating is not registered and the rationale forthe registration system, etc. whenever marketing any financial products which are rated byunregistered credit rating agencies.
Rationale for the Registration System
Registered credit rating agencies are subject to the following regulations: (1) the duty of goodfaith; (2) the duty to maintain an operational management system which prevents conflicts ofinterest and ensures the fairness of the credit rating process, etc.; (3) the prohibition on givinga credit rating to a security which they hold; and (4) the duty to disclose information including
to prepare and make available for public inspection the policies for credit ratings and thedocuments for public release and explanation. Registered credit rating agencies are also
subject to supervision by the Financial Services Agency, including orders to submit

information, onsite inspections and business improvement orders. However, unregisteredcredit rating agencies are not subject to such regulation or supervision.
Name of the Credit Rating Agency Group, etc.
Name of the Credit Rating Agency Group:
Moody’s Ratings
Name of the Registered Credit Rating Agency within the Group and its Registration Number:
Moody’s Japan K.K. (FSA Commissioner (Rating) No. 2)
Moody’s SF Japan K.K. (FSA Commissioner (Rating) No. 3)
14 specified related companies*
Method of Obtaining the Information about the Summaries of the Policies and Criteria for
Credit Rating
The information can be found on the website of Moody’s Japan K.K. and Moody’s SF Japan
K.K. (https://ratings.moodys.com/japan/ratings news), under the tab “Regulatory Affairs”(「規制関連」), then by clicking on “Disclosures” (「開示」) and in the “Matters Related tothe Explanation of Unregistered Ratings” (「無登録格付説明関連」)

section. *Specified

related companies are published on the website under (「金融庁長官より指定を受けた特定関係法人一覧」).
Assumptions, Significance and Limitations of the Rating
Credit ratings are Moody’s Ratings ("Moody’s ") current opinions of the relative future credit
risk of entities, credit commitments, or debt or debt-like securities. Moody’s defines credit
risk as the risk that an entity may not meet its contractual, financial obligations as they comedue and any estimated financial loss in the event of default. Credit ratings do not address anyother risk, including but not limited to: liquidity risk, market value risk, or price volatility.
Credit ratings do not constitute investment or financial advice, and credit ratings are notrecommendations to purchase, sell, or hold particular securities. No warranty, express orimplied, as to the accuracy, timeliness, completeness, merchantability or fitness for any
particular purpose of any such rating or other opinion or information is given or made by
Moody’s in any form or manner whatsoever.
Based on the information received from issuers or from public sources, the credit risks of theissuers or obligations are assessed. Moody’s adopts all necessary measures so that theinformation it uses in assigning a credit rating is of sufficient quality and from sources
Moody’s considers to be reliable. However, Moody’s is not an auditor and cannot in every
instance independently verify or validate information received in the rating process.

This information is prepared as of 25 June 2024 based on sources which we believe are reliable,
but we do not guarantee its accuracy or completeness. For details, please refer to the above
website of Moody’s Japan K.K. and Moody’s SF Japan K.K.
Explanatory Note on Unregistered Credit Rating (For Fitch Ratings)
From the viewpoint of ensuring fairness and transparency in the markets, FinancialInstruments and Exchange Law has introduced the registration system for credit rating
agencies. In accordance with this regulation, financial instruments business operators, etc. arerequired to inform customers of the fact that the rating is not registered and the rationale forthe registration system, etc. whenever marketing any financial products which are rated byunregistered credit rating agencies.
Rationale for the Registration System
Registered credit rating agencies are subject the following regulations: (1) the duty of goodfaith; (2) the duty to maintain an operational management system which prevents conflicts ofinterest and ensures the fairness of the credit rating process, etc.; (3) the prohibition on givinga credit rating to a security which they hold; and (4) the duty to disclose information including
to prepare and make available for public inspection the policies for credit ratings and thedocuments for public release and explanation. Registered credit rating agencies are alsosubject to supervision by the Financial Services Agency, including orders to submit
information, onsite inspections and business improvement orders. However, unregisteredcredit rating agencies are not subject to such regulation or supervision.
Name of the Credit Rating Agency Group, etc.
Name of the Credit Rating Agency Group:
Fitch Ratings (“Fitch”)
Name of the Registered Credit Rating Agency within the Group and its Registration Number:
Fitch Ratings Japan Limited (FSA Commissioner (Rating) No. 7)
Method of Obtaining the Information about the Summaries of the Policies and Criteria forCredit Rating
The information is published in the “Overview of Policies etc for Credit Rating” (｢格付方針等の概要｣) in the “Regulation Related” (｢規制関連」) section on the website of Fitch Ratings
Japan Limited (https://www.fitchratings.com/site/japan).

Assumptions, Significance and Limitations of the Rating
Ratings assigned by Fitch are opinions based on established criteria and methodologies.
Ratings are not facts, and therefore cannot be described as being "accurate" or "inaccurate".
Credit ratings do not directly address any risk other than credit risk. Credit ratings do notcomment on the adequacy of market price or market liquidity for rated instruments. Ratings
are relative measures of risk; as a result, the assignment of ratings in the same category toentities and obligations may not fully reflect small differences in the degrees of risk. Creditratings, as opinions on relative ranking of vulnerability to default, do not imply or convey aspecific statistical probability of default.
In issuing and maintaining its ratings, Fitch relies on factual information it receives fromissuers and underwriters and from other sources Fitch believes to be credible. Fitch conductsa reasonable investigation of the factual information relied upon by it in accordance with its
ratings methodology, and obtains reasonable verification of that information fromindependent sources, to the extent such sources are available for a given security or in a given
jurisdiction. The assignment of a rating to any issuer or any security should not be viewed asa guarantee of the accuracy, completeness, or timeliness of the information relied on inconnection with the rating or the results obtained from the use of such information. If any
such information should turn out to contain misrepresentations or to be otherwise misleading,
the rating associated with that information may not be appropriate. Despite any verificationof current facts, ratings can be affected by future events or conditions that were notanticipated at the time a rating was issued or affirmed.
For a detailed explanation on the assumption, significance, and limits of credit rating, pleaserefer to the section on “Definition regarding credit rating and other forms of opinions” on
Fitch’s Japanese website.
This information is prepared as of 1 November 2022 based on sources which we believe arereliable, but we do not guarantee its accuracy or completeness. For details, please refer to theabove mentioned website of Fitch Ratings Japan Limited.